Petróleo Brasileiro S A Petrobras : Petrobras on revision of the Shareholders Compensation Policy

Petrobras on revision of the Shareholders Compensation Policy

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Rio de Janeiro, October 28, 2020 - Petróleo Brasileiro S.A. - Petrobras informs that its Board of Directors, in a meeting held yesterday, approved the revision of the Shareholders Compensation Policy in order to enable the Management to propose the payment of dividends compatible with the company's cash generation, even in years with accounting losses.

With the changes approved, in the scenario which the company's gross debt is above US$ 60 billion, the proposal for the distribution of dividends could be presented, with accounting losses, when there is a reduction in net debt in the last twelve-month period, if the Management believes that the company's financial sustainability will be preserved. The distribution proposal should be limited to the value of the net debt reduction.

The company may also, in exceptional cases, propose the payment of extraordinary dividends, exceeding the minimum legal mandatory dividend or the annual amount calculated from the formula (Remuneration = 60% x (Operating Cash Flow - CAPEX), when its gross debt is less than US$ 60 billion, even with accounting losses.

In all cases, the dividends distribution must comply with the provisions of the applicable legislation, including article 201 of the Corporation Law (Law No. 6404/76).

The policy review is available on the Investor Relations website (www.petrobras.com.br/ir) or the CVM website (www.cvm.gov.br).

www.petrobras.com.br/ir

For more information:

PETRÓLEO BRASILEIRO S.A. - PETROBRAS | Investor Relations email: [e-mail]/[e-mail] Av. República do Chile, 65 - 1803 - 20031-912 - Rio de Janeiro, RJ. Phone: [phone]/9947 | 0800-282-1540

This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forward-looking statements. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.